UK based Innovia Films is now the sole owner of banknote printer Securency International after purchasing the Reserve Bank of Australia’s (RBA) 50 per cent share in the company.
The two parties have had a joint venture partnership in Securency since 1998. The deal for an undisclosed sum is being funded from Innovia’s existing cash reserves and is expected to be complete by the end of February.
Philippe Etienne, CEO, Securency told Australian Printer, “We’re pleased that Innovia have demonstrated their confidence in Securency and its product in such emphatic fashion. They have been part of the Securency story as a shareholder and as a supplier and are a well-resourced global company that we feel is an ideal parent to support Securency’s continued growth as the world’s most sophisticated and innovative banknote substrate.”
Securency is currently embroiled in corruption allegations, with senior management under the microscope for its dealings across south east Asia. Securency sells its banknotes into 21 countries across the world. It has plants in Melbourne and Mexico.
David Beeby, CEO, Innovia Films says, “The RBA has been an outstanding and committed partner in this joint venture. It has always been their clearly slated policy to grow the business to the point where it would be divested once it held a strong position in the market, and that time has certainly arrived. This acquisition reflects our continued support commitment and strategic investment pattern in our core markets of labels, tobacco, packaging and security.”
Securency says the business has strong growth plans and operations will continue with its current staff and locations.
